Illumine Investment Management LLC Makes New Investment in First Horizon Corporation $FHN

Illumine Investment Management LLC purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the 1st quarter, Holdings Channel reports. The institutional investor purchased 39,937 shares of the financial services provider’s stock, valued at approximately $909,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kestra Investment Management LLC grew its position in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. increased its position in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of First Horizon in the fourth quarter valued at approximately $51,000. Finally, Triumph Capital Management acquired a new position in First Horizon in the 3rd quarter valued at $77,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

NYSE FHN opened at $25.82 on Tuesday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $12.25 billion, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a 50-day moving average price of $24.70 and a two-hundred day moving average price of $24.24.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. During the same quarter in the previous year, the business earned $0.42 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, June 12th. First Horizon’s dividend payout ratio is 34.00%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FHN shares. Evercore set a $27.00 price objective on shares of First Horizon in a report on Monday, July 6th. Raymond James Financial boosted their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Truist Financial lifted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Finally, Wells Fargo & Company increased their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.12.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.